PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Kerrigan in CNBC: This Number Shows a Reversal in the Chances of Main Street’s Survival

By at 11 August, 2020, 3:28 pm

In an August 11 CNBC article that covered key findings from the CNBC/Survey Monkey Q3 Small Business Survey, SBE Council president & CEO Karen Kerrigan provides some insight into why more small business owners may feel more confident about their chances for business survival.

According to the survey’s findings:

“The pandemic is still raging on in the U.S., yet 64% of small business owners on Main Street are confident that they can survive for more than a year under current conditions, the Q3 CNBC|SurveyMonkey Small Business Survey revealed on Monday. Surprisingly, that is nearly double the 34% that held this optimistic view when polled in April. And 46% of those surveyed say they expect their company’s revenue to increase over the next 12 months.”

The article notes that small business owners are “tweaking” how they operate and reinventing their businesses to meet customers needs and demands.

“Karen Kerrigan, president and CEO of the Small Business & Entrepreneurship Council, an advocacy and educational group, is witnessing the phenomenon nationwide. ‘Small business owners have quickly learned that they can operate by using various models to meet the needs of customers in the Covid-19 economy. Moreover, consumers are highly supportive of small businesses in their local communities, which is driving small business confidence.’

The article also hits on the importance of technology in helping small businesses make changes:

“Another trend is the adoption of technology to maintain operations. ‘Business owners have migrated in mass to technology tools and the cloud, which is allowing them to operate more effectively and efficiently,’ Kerrigan observed. ‘This is the silver lining of the pandemic. The acceleration in the use of technology is driving innovation and is providing a boost to their bottom lines — and the overall outlook of small business owners.’

Read the full article and survey results here.

 

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